Catasys, Inc. (Catasys), an AI and telehealth enabled, virtualized outpatient health care treatment company, reported its financial results for the fourth quarter and year ended December 31, 2019. The Company provides big data-based analytics and predictive identification and engagement capabilities to health plans and their members through its OnTrak™ solution on the Catasys PRE™ (Predict-Recommend-Engage) platform.
For the fourth quarter of 2019, revenue was $11.8 million, representing a 109% increase compared to the same period in 2018 and a 33% increase from prior quarter. Operating loss for the fourth quarter of 2019 was $7.0 million, yielding an operating loss margin of 60%, compared to an operating loss of 1.2 million, yielding an operating loss margin of 21% for the fourth quarter of 2018. For the full year of 2019, revenue was $35.1 million, representing a 131% increase compared to the prior year. Operating loss for the full year of 2019 was $20.0 million, yielding an operating loss margin of 57%, compared to an operating loss of $13.6 million, yielding an operating loss margin of 90% for the full year of 2018.
Catasys expanded its OnTrak-A solution with a leading national health plan into California. As of January 31, 2020, eligible commercial members of this health plan in California have access to critical behavioral healthcare to help them better manage chronic disease. The organization also announced the expansion of its OnTrak-A solution with a national health plan to eligible commercial and Medicare Advantage members in Colorado, Washington, D.C., Virginia, and Louisiana beginning March 20, 2020. With these expansions into Colorado and Washington, D.C., OnTrak is now available in 28 states, as well as the nation’s capital.
Catasys, Inc. is a leading AI and technology-enabled health care company. OnTrak integrates evidence-based psychosocial and medical interventions delivered either in-person or via telehealth, along with care coaching and in-market Community Care Coordinators who address the social and environmental determinants of health. OnTrak is available to members of national and regional health plans in 28 states and in Washington, D.C.
This was reported by Catasys, Inc., on March 12, 2020.
Contact information: Catasys, Inc., 2120 Colorado Avenue, Suite 230, Santa Monica, California 90404; 866-517-1414; Website: https://catasys.com/